Whirlpool Profit Goes Down The Drain

According to AFP, appliance maker Whirlpools profit fell 27 per cent in the second quarter due to “higher material and oil-related costs and lower U.S. demand”.

Whirlpool says its profit for the three-month period ending June 30 was $US117 million, or compared with $US161 million during the same period last year.

However says AFP, the total company revenue of $US5.1 billion for the quarter is up 5 per cent from the $4.9 billion from the second quarter of 2007.

The profit slide comes at a time when Whirlpool is also suing unions in hopes of changing the Maytag retirement medical plan of 11,000 Whirlpool workers.

Whirlpool bought Maytag in 2005 for $US1.7 billion.